AltynGold, a UK-registered gold mining company operating in East Kazakhstan, plans to transition from exploration to production at the Teren-Sai deposit. Its CFO, Mariyam Buribayeva, announced this on the sidelines of the 16th Mining and Geological Forum MINEX Kazakhstan 2026 in Astana.
“Our company has two assets. Sekisovskoye is a production asset that has been producing for many years. Teren-Sai, meanwhile, was in the exploratory stage. Our exploration license expires this year, and we will apply for a full mining license,” the top manager said.
According to her, the average gold grade at both assets reaches 2%. The gold mining company’s reserves, according to the Australian JORC standard, are currently estimated at 1.4 million ounces, or approximately 43.5 tonnes.
The Sekisovskoye mine, with its shaft and processing plant, has been operating in the Glubokovsky district of the East Kazakhstan region since 2008. The transition to underground mining occurred 10 years ago, in 2016. At that time, a contract was awarded for exploration of another gold deposit, Teren-Sai.
“Sekisovskoye is a fairly rich asset. There’s a concept called life of mine—the period for which a company can exploit its total reserves, estimated at 60 years. But in previous years, we were producing much lower than we are now. Of course, with current production, it will be more or less within that life,” noted Mariam Buribayeva in an interview.
She clarified that two years ago, AltynGold implemented its first major production expansion project, which allowed it to reach a production level of 50,000 ounces per year.
Last year, the target was exceeded, yielding 53.8 thousand ounces, or nearly 1.7 tons, of precious metal, bringing the company’s revenue for the period to $175 million. AltynGold plans to produce 52-55 thousand ounces in 2026.
“Naturally, the price of gold is constantly rising, with a particularly strong increase since September of last year. Therefore, we expect a slightly higher profit this year than last year. Last year, we also announced that we would further expand our production amid rising gold prices, and companies, of course, are very keen to take advantage of this unique momentum, which is a cycle in operating activities. Therefore, we will increase our production and reach new stages,” Mariam Buribayeva told qazba.kz.
For now, AltynGold does not plan to acquire new exploration or mining licenses, although it is monitoring market trends. At this time, no specific transactions or asset purchases from the company are planned, she noted in a conversation, responding to a question from the publication.
According to information for 2025, posted on AltynGold’s website, last year the company expanded the capacity of the fourth tailings storage facility at Sekisovskoye by 1.5 million square meters. The increased capacity is expected to last until March 2027. This year, the company will begin work on expanding the second and third tailings storage facilities at the operating asset, which will provide it with the capacity to store enrichment waste until 2029. At the same time, the annual capacity of the enrichment plant at the deposit is planned to increase from 1 million tonnes, reached in December 2024, to 2.5 million tonnes in 2028.
According to media reports, the Assaubayev family owns 65.6% of AltynGold’s shares through AGold Mining Group PLC. Another 5.3% is owned by Timur Turlov’s JSC Freedom Finance, and 0.3% of the shares are owned by the company’s independent director, Ashar Qureshi.
This material is generated by AI sourcing the original article in Russian.
